OMERS executives set for carbon cuts without too much portfolio ‘surgery’ OMERS executives set for carbon cuts without too much portfolio ‘surgery’ OMERS' Michael Kelly and Katharine Preston Putting in place a decarbonization policy for a large, diversified portfolio that balances ambition with fiduciary duty can be hard work, executives at the Ontario Municipal Employees' Retirement System, Toronto, have found. The goal is to reach a 20% reduction in carbon emissions in the entire portfolio by 2025. "We want to be ambitious about this, but also disciplined about how we can do this and what we can do to get started on it without necessarily having (to do) some major surgery to the portfolio in terms of the investment program," said Michael Kelly, chairman of OMERS' sustainable investing committee, in an interview.